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Reinsurance in Greece, Key Trends and Opportunities to 2018

Published: Dec-2014 | Format: PDF | Timetric | Number of pages: 75 | Code: MRS - 2809

Synopsis


The report provides in-depth market analysis, information and insights into the Greek reinsurance segment, including:

 

The Greek reinsurance segment's growth prospects by reinsurance category
Key trends and drivers for the reinsurance segment
Greek reinsurance segment’s growth prospects by reinsurance ceded from direct insurance
The competitive landscape in the Greek reinsurance segment


Executive summary

 

The Greek reinsurance segment registered a compound annual growth rate (CAGR) of -5.0% during the review period (2009−2013), due to the affect of the global financial crisis and European sovereign debt crisis. During the review period, the premium ceded to reinsurance by Greek direct insurers decreased at a CAGR of -4.8%. Ceded premium increased briefly in 2009, but fell consistently after that. The global financial crisis and a decline in insurance premium had a negative effect on the premium ceded towards reinsurers; the personal accident and health insurance segment ceded 25.0% of its revenues to reinsurers in 2013, the highest percentage in the industry. In the absence of any large-scale natural disasters, the Greek reinsurance premium declined marginally during the review period. The Greek reinsurance segment is dominated by treaty reinsurance, which accounted for 81.3% of written premium in 2013, with facultative reinsurance accounting for the remaining 18.7%. During the review period, the treaty reinsurance category recorded a CAGR of -3.8%, whereas facultative reinsurance recorded a CAGR of -8.5%.

 

Scope

 

This report provides a comprehensive analysis of the reinsurance segment in Greece:

 

It provides historical values for Greece’s reinsurance segment for the report’s 2009–2013 review period, and projected figures for the 2013–2018 forecast period.
It offers a detailed analysis of the key categories in Greece’s reinsurance segment, along with market forecasts until 2018.
It provides a detailed analysis of the reinsurance ceded from various direct insurance segments in Greekd its growth prospects.


Reasons to buy


Make strategic business decisions using in-depth historic and forecast market data related to the Greek reinsurance segment and each sector within it
Understand the demand-side dynamics, key market trends and growth opportunities in the Greek reinsurance segment
Identify the growth opportunities and market dynamics in key product categories
Gain insights into key regulations governing the Greek insurance industry, and their impact on companies and the industry's future


Key highlights

 

In the absence of any major natural disasters, and following the economic impact of the global financial and eurozone sovereign debt crises, the amount of premium ceded to reinsurers decreased at a review-period CAGR of -4.8%. 
The segment is dominated by treaty reinsurance, which accounted for a market share of 81.3% in written premium terms in 2013; facultative reinsurance accounted for the remaining 18.7%. 
Every reinsurance company domiciled in Greece has to be incorporated as a Société Anonyme (SA) or mutual reinsurance cooperative.
The Greek insurance industry is expected to recover over the forecast period (2013–2018), registering a CAGR of 1.7% over the forecast period. 
The reinsurance segment is governed by Legislative Decree 400/1970. 
The regulatory changes in the reinsurance segment supplied new challenges and opportunities with respect to competitive differentiation.

 

 

Table of Contents

1 Key Facts and Events

2 Executive Summary

3 Introduction
3.1 What is this Report About?
3.2 Definitions
3.3 Methodology
 

4 Greek Insurance Industry Attractiveness
4.1 Insurance Industry Size, 2009–2018
 

5 Reinsurance Growth Dynamics and Challenges
5.1 Reinsurance Segment Size, 2009–2018
5.2 Reinsurance Segment Size by Type of Insurance, 2009–2018
 

6 Key Industry Trends and Drivers
6.1 Fundamental Business Drivers
6.2 Life Insurance Drivers
6.3 Non-Life Insurance Drivers
6.4 Personal Accident and Health Insurance Drivers
 

7 Appendix – 1
7.1 Business Confidence
7.1.1 Market capitalization trend – Athens Stock Exchange, Greece
7.2 Economic Performance
7.2.1 GDP at constant prices (US$)
7.2.2 GDP per capita at constant prices (US$)
7.2.3 GDP at current prices (US$)
7.2.4 GDP per capita at current prices (US$)
7.2.5 GDP by key sector
7.2.6 Agriculture, hunting, forestry and fishing net output at current prices (US$)
7.2.7 Agriculture, hunting, forestry and fishing net output at current prices as a percentage of GDP
7.2.8 Manufacturing net output at current prices (US$)
7.2.9 Manufacturing net output at current prices as a percentage of GDP
7.2.10 Mining, manufacturing and utilities at current prices (US$)
7.2.11 Mining, manufacturing and utilities at current prices, as percentage of GDP
7.2.12 Construction net output at current prices, (US$)
7.2.13 Construction net output at current prices as a percentage of GDP
7.2.14 Inflation rate
7.2.15 Exports as a percentage of GDP
7.2.16 Imports as a percentage of GDP
7.2.17 Merchandise exports growth
7.2.18 Merchandise imports growth
7.2.19 Annual average exchange rate, Euro–US$
7.3 Infrastructure
7.3.1 Commercial vehicle exports – total value
7.3.2 Commercial vehicle imports – total value
7.3.3 Automotive exports – total value
7.3.4 Automotive imports – total value
7.3.5 Total internet subscribers
7.4 Labor Force
7.4.1 Labor force
7.4.2 Unemployment rate
7.5 Demographics
7.5.1 Gross national disposable income (US$)
7.5.2 Household consumption expenditure (US$)
7.5.3 Total population
7.5.4 Urban and rural populations
7.5.5 Age distribution of the total population
 

8 Appendix – 2
8.1 Methodology
8.2 Contact Timetric
8.3 About Timetric
8.4 Timetric’s Services
8.5 Disclaimer

 

List of Tables

 

Table 1: Greek Reinsurance – Key Facts, 2013
Table 2: Insurance Industry Definitions
Table 3: Greek Insurance – Gross Written Premium by Segment (EUR Billion), 2009–2013
Table 4: Greek Insurance – Gross Written Premium by Segment (US$ Billion), 2009–2013
Table 5: Greek Insurance – Gross Written Premium by Segment (EUR Billion), 2013–2018
Table 6: Greek Insurance – Gross Written Premium by Segment (US$ Billion), 2013–2018
Table 7: Greek Insurance – Segmentation, Gross Written Premium (Percentage Share), 2009–2018
Table 8: Greek Insurance – Direct Written Premium by Segment (EUR Billion), 2009–2013
Table 9: Greek Insurance – Direct Written Premium by Segment (US$ Billion), 2009–2013
Table 10: Greek Insurance – Direct Written Premium by Segment (EUR Billion), 2013–2018
Table 11: Greek Insurance – Direct Written Premium by Segment (US$ Billion), 2013–2018
Table 12: Greek Insurance – Segmentation, Direct Written Premium (Percentage Share), 2009–2018
Table 13: Greek Reinsurance – Premium Accepted by Category (EUR Million), 2009–2013
Table 14: Greek Reinsurance – Premium Accepted by Category (US$ Million), 2009–2013
Table 15: Greek Reinsurance – Premium Accepted by Category (EUR Million), 2013–2018
Table 16: Greek Reinsurance – Premium Accepted by Category (US$ Million), 2013–2018
Table 17: Greek Reinsurance – Premium Ceded by Type of Insurance (EUR Billion), 2009–2013
Table 18: Greek Reinsurance – Premium Ceded by Type of Insurance (US$ Billion), 2009–2013
Table 19: Greek Reinsurance – Premium Ceded by Type of Insurance (EUR Billion), 2013–2018
Table 20: Greek Reinsurance – Premium Ceded by Type of Insurance (US$ Billion), 2013–2018
Table 21: Greek Life Insurance – Percentage of Reinsurance Ceded (%), 2009–2013
Table 22: Greek Life Insurance – Percentage of Reinsurance Ceded (%), 2013–2018
Table 23: Greek Non-Life Insurance – Percentage of Reinsurance Ceded, 2009–2013
Table 24: Greek Non-Life Insurance – Percentage of Reinsurance Ceded, 2013–2018
Table 25: Greek Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2009–2013
Table 26: Greek Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2013–2018

 

List of Figures

 

Figure 1: Greek Insurance – Gross Written Premium by Segment (EUR Billion), 2009–2018
Figure 2: Greek Insurance – Dynamics by Segment, Gross Written Premium (2009–2018)
Figure 3: Greek Insurance – Direct Written Premium by Segment (EUR Billion), 2009–2018
Figure 4: Greek Insurance – Dynamics by Segment, Direct Written Premium (2009–2018)
Figure 5: Greek Reinsurance – Premium Accepted by Category (EUR Million), 2009–2018
Figure 6: Greek Reinsurance – Premium Accepted by Category (Percentage Share), 2013 and 2018
Figure 7: Greek Reinsurance – Premium Accepted Dynamics by Category, 2009–2018
Figure 8: Greek Reinsurance – Premium Ceded by Type of Insurance (EUR Billion), 2009–2018
Figure 9: Greek Reinsurance – Premium Ceded Dynamics by Type of Insurance, 2009–2018
Figure 10: Greek Life Insurance – Percentage of Reinsurance Ceded (%), 2009–2013
Figure 11: Greek Life Insurance – Percentage of Reinsurance Ceded (%), 2013–2018
Figure 12: Greek Non-Life Insurance – Percentage of Reinsurance Ceded, 2009–2013
Figure 13: Greek Non-Life Insurance – Percentage of Reinsurance Ceded, 2013–2018
Figure 14: Greek Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2009–2013
Figure 15: Greek Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2013–2018
Figure 16: Greece, Athens Stock Exchange Market Capitalization (US$ Billion), 2008–2012
Figure 17: Greek GDP at Constant Prices (US$ Billion), 2009–2013
Figure 18: Greek GDP Per Capita at Constant Prices (US$), 2009–2013
Figure 19: Greek GDP at Current Prices (US$ Billion), 2009–2013
Figure 20: Greek GDP Per Capita at Current Prices (US$), 2009–2013
Figure 21: Greek GDP by Key Sector (%) 2008 and 2012
Figure 22: Greek Agriculture, Hunting, Forestry and Fishing Net Output at Current Prices (US$ Billion), 2008–2012
Figure 23: Greek Agriculture, Hunting, Forestry and Fishing Net Output at Current Prices as a Percentage of GDP (%), 2008–2012
Figure 24: Greek Manufacturing Net Output at Current Prices (US$ Billion), 2008–2012
Figure 25: Greek Manufacturing Net Output at Current Prices as a Percentage of GDP (%), 2008–2012
Figure 26: Greek Mining, Manufacturing and Utilities Net Output at Current Prices (US$ Billion), 2008–2012
Figure 27: Greek Mining, Manufacturing and Utilities Net Output at Current Prices as a Percentage of GDP (%), 2008–2012
Figure 28: Greek Construction Net Output at Current Prices (US$ Billion), 2008–2012
Figure 29: Greek Construction Output at Current Prices as a Percentage of GDP (%), 2008–2012
Figure 30: Greek Inflation Rate (%), 2009–2013
Figure 31: Greek Exports as a Percentage of GDP (%), 2008–2012
Figure 32: Greek Imports as a Percentage of GDP (%), 2009-2013
Figure 33: Greek Merchandise Exports Growth (%), 2009–2012
Figure 34: Greek Merchandise Imports Growth (%), 2009–2012
Figure 35: Greek Annual Average Exchange Rate US$–EUR, 2009–2013
Figure 36: Greek Commercial Vehicle Exports – Total Value (US$ Million), 2009–2013
Figure 37: Greek Commercial Vehicle Imports – Total Value (US$ Million), 2009-2013
Figure 38: Greek Automotive Exports – Total Value (US$ Billion), 2008–2011
Figure 39: Greek Automotive Imports – Total Value (US$ Billion), 2009-2013
Figure 40: Greek Internet Subscriptions (Millions), 2009–2013
Figure 41: Greek Size of Labor Force (Million), 2009-2012
Figure 42: Greek Unemployment Rate (%), 2009–2013
Figure 43: Greek Gross National Disposable Income (US$ Billion), 2009–2012
Figure 44: Greek Household Consumption Expenditure (US$ Billion), 2009-2013
Figure 45: Greek Total Population (Million), 2009–2013
Figure 46: Greek Urban and Rural Populations (%), 2009–2013
Figure 47: Greek Population Distribution by Age (%), 2009-2013

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